Laminated Plastics Plate Market - Forecast(2023 - 2028)

Laminated Plastics Plate Market Overview

The Laminated Plastics Plate Market size is projected to reach US$466.0 million by 2027, after growing at a CAGR of 3.1% during the forecast period 2022-2027. The laminated plastics plate is a type of plastic material composed of stacked layers of synthetic resins such as polyethylene terephthalate, ethylene-vinyl acetate, polyethylene plastic and others that have been heated and pressure-bonded together to form a single piece. Laminated plastics plate have superior impact resistance, rigidity and processability. These superior properties of laminated plastic plates make them ideal for use in various end-use industries such as aerospace, furniture and more. The Laminated Plastics Plate Market is primarily driven by the growing building and construction activities across the globe. For instance, as of March 2022, certain commercial construction projects such as the Paris Olympics facility construction 2024, CIBC Square office building in Canada, 2024 and more are under construction. Moreover, the surging application of laminated plastic plates in automotive is also expected to fuel the growth of the laminated plastic plate industry.

Laminated Plastics Plate Market COVID-19 Impact

In 2020, the Covid-19 pandemic hampered the growth of the Laminated Plastics Plate Market. Since major economies all across the world were under lockdown, owing to this there was a decline in construction activities, automotive production and more. For instance, Office of National Statistics UK, in the year 2020, the U.K residential construction activities were US$5,440.28 Million, a decline of 44.6%. Thus, such a decline in construction activities negatively impacted the Laminated Plastics Plate Market growth. Nevertheless, in 2021 governments strengthen the measures and promoted various sectoral developments to reduce the negative impact of Covid-19. This resulted in an expansion in the growth of the Laminated Plastics Plate Market. Additionally, during the upcoming years, it is projected the Covid -19 pandemic impact will be phased-out, which will further benefit the Laminated Plastics Plate Market size growth.

Report Coverage

The "Laminated Plastics Plate Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Laminated Plastics Plate Market.

Key Takeaways

• Asia-Pacific region dominated the Laminated Plastics Plate Market, owing to the increasing construction activities in the region. According to International Trade Administration (ITA), in 2019 South Korean construction was at US$142 billion and in 2020 it was US$164 billion, an increase of 15.5%.
• The growing research and development related to thermoplastic resin are resulting in enhancing the properties of Laminated Plastics Plates such as making it lighter and stronger. This is creating an opportunity for market growth.
• Moreover, the surging aerospace industry is expected to enhance the demand for Laminated Plastics Plates because these ensure lighter aircraft body weight, this is further accelerating the growth of the market.
• However, the degrading impact of Laminated Plastics plates on the environment is limiting the growth of the Laminated Plastics Plate industry.

Figure: Asia-Pacific Laminated Plastics Plate Market Revenue, 2021-2027 (US$ Million)

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Laminated Plastics Plate Market Segment Analysis – by Application

The building material segment held a significant Laminated Plastics Plate Market share in 2021 and is forecasted to grow at a CAGR of 3.6% during 2022-2027. Laminated plastics plate manufactured from polyethylene terephthalate, thermoplastic resin, ethylene-vinyl acetate and more has low wear with different plastics materials, this ensures higher durability, owing to which it is often utilized in building material to ensure the longest shelf life of such materials. Moreover, a laminated plastic plate composed of acrylonitrile butadiene styrene (ABS) is more resistant to high temperatures, easier to process and less harmful to the environment. Additionally, laminated plastics plate has excellent water resistance, this ensures the building materials are not damaged in the longer run. Thus, due to the benefits of laminated plastics plate, their application in building materials is increasing, which is benefiting the market growth.

Laminated Plastics Plate Market Segment Analysis – by End-use Industry

The building and construction segment held a significant Laminated Plastics Plate Market share in 2021 and is forecasted to grow at a CAGR of 4.2% during 2022-2027. Laminated plastic plates are often employed in commercial and residential buildings to ensure higher strength, which results in reducing the maintenance cost incurred due to repetitive maintenance. With rapid economic development across the world, the need for residential and commercial construction is surging. For instance, in mid-2021, construction work started for the New Trousseau Hospital – University Hospital of Tours, France and the construction work for this will be completed by 2024. Moreover, in March 2022, the construction plans of US$1.4 billion for NFL's Buffalo Bills, a 60,000-seat stadium is under the planning stage and the project will be completed by 2027. Hence, the surging building and construction activities are projected to propel the demand for laminated plastic plates, which will further benefit the market growth.

Laminated Plastics Plate Market Segment Analysis – by Geography

Asia-Pacific region is the dominating region as it holds a significant Laminated Plastics Plate Market share in 2021 up to 41% and is forecasted to grow at a CAGR of 4.7% during 2022-2027. The economic growth of the Asia-Pacific region is driven by the growth of construction activities. This is due to the surging urbanization in the region, which is resulting in increasing residential and commercial construction in Asia-Pacific countries in China, India and other countries. For instance, in January 2022, the government of China approved the construction projects for 695 building projects with a total investment of 3trillion yuan (US$ 471 billion). Moreover, according to the official statistics of Invest India, there is a total of 115 future construction projects which are under the planning phase and the value of these projects is about US$11.63 million, these projects include the construction of residential buildings, shopping complexes and more. Also, according to a decision by the Vietnamese government on the master plan for HO Chi Minh City in September 2021, it is expected the city will have 13-14 million residents by 2040 and 16 million by 2060 and it intends to provide 100,000-110,000 hectares of land for urbanization by 2040. Therefore, the growing building and construction industry in the Asia-Pacific region is projected to propel the Laminated Plastics Plate Market size growth during the projected forecast period.